301 Study Guide Questions And Answers

The essence of marketing is that firms gain ________ customers by providing ________ value. {Ans: Loyal; unique}Sam Walton: {Ans: had some famous quotes: The idea in the marketing Concept is to focus on the customer.}Broad "eras" (4) of marketing (Evolution of Marketing in the U.S. and a brief history of the 4 eras. {Ans: 1. Production: 1850-1930 Productions problems (industrial revolution era) till the end World War One. 2. Sales era: 1920-1962 Selling what they had made, sales were aggressive. 3. Marketing Concept era: 1959-1999 Companies needed to find out first what consumers wanted before producing. 4. Market orientation: era 1980-present Marketing control, but a more modern term is Relationship Marketing.}Which of the following are true of the portfolio analysis? {Ans: -Management evaluates the firm's various products and businesses. -Management allocates its resources to products based on growth opportunities. -Firms typically perform it at the SBU or product line level of the firm.}Select the four principles that underlie the strategic marketing process. {Ans: Organizational resources are limited. Customers are different. Customers change. Competitors change and react.}The ________ is the difference between the projection of the path to reach a new sales revenue goal and the